Nikko AM and Ambit launch joint venture in India
Nikko Asset Management has struck a deal with India’s Ambit Holdings to take a 50% stake in Mauritius-based Ambit Mauritius Investment Managers to serve the Indian funds market.
Nikko AM will also take a 49% stake in Ambit Investment Advisors, which provides investment advisory services.
The joint venture structure will manage and advise on India funds with an initial $150m under management.
Bill Wilder, president and CIO of Nikko AM, will be appointed as chairman of the board of AIA, and Andrew Holland will become its CEO. Nikko AM will assist Ambit in building out its advisory team in India.
Nikko AM has some 300 distributors across Asia. These are serviced by 18 offices in nine markets. In turn, Ambit will provide Nikko AM with local knowledge relevant to India funds.
The two firms first signed a business deal in 2007.